ALG Tax Solutions President, A.J. Gross, on the front page of a local Lansing newspaper, The New Citizens Press.
IRS Charitable Contributions Recordkeeping Tax Rules
Donating to charitable causes is a good thing. You are helping others in need. For your generosity, the IRS allows you to claim a tax deduction. If you donate to charities, you should understand the basic record keeping rules for claiming a tax deduction.
2013 Form 1099 MISC
2013 Form MISC 1099
According to the IRS, you must file Form 1099 MISC for each person whom you have paid during the year, at least $600 in rents, services (including parts and materials), prizes and awards, other income payments, health care payments, crop insurance proceeds, cash payments for fish or, generally, the cash paid from a notional principal contract to an individual, partnership, or estate. Continue reading…
Quote of the Month – January 2014
What this power is I cannot say; all I know is that it exists and it becomes available only when a man is in that state of mind in which he knows exactly what he wants and is fully determined not to quit until he finds it. Alexander Graham Bell
Abatement of Penalties IRS Cases
Abatement of penalties is possible. These are two case examples of how the IRS approved an abatement of penalties.
IRS Tax Penalties Abatement
It seems the IRS charges penalties for everything. IRS Penalty for filing a return late. IRS Penalty for paying taxes late. IRS Penalty for not paying enough estimates. IRS Penalty for not filing 1099s. IRS Penalty for …. The list goes on. If you have reasonable cause, the IRS will abate IRS Tax Penalties.
Offer in Compromise Settlement Effective Tax Administration
Offer in Compromise Settlement based on Effective Tax Administration is not common. There must be an exceptional circumstance to qualify for this type of Offer in Compromise Settlement.
IRS Offer in Compromise Doubt as to Liability
There are three different types of IRS Offer in Compromise. An IRS Offer in Comprise based on Doubt as to Liability is a less popular type.
4 Good Business Tax Resources
Operating a small business can be tough. There is plenty of work to complete. Generally, one aspect of the business that is easily mismanaged is business tax and accounting. Many small business owners gather documents at the end of the year for business taxes. Gathering documents at the end of the year can be time consuming and inefficient. The following are IRS resources to help you categorize expenses and identify business expenses throughout the year.
Offer in Compromise Help Doubt as to Collectability
Offer in Compromise is an IRS program to settle your taxes for less. There are three different types of Offer in Compromise. This blog reviews Offer in Compromise Doubt as to Collectability.